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What are the implications of your answer above for using increases in real GDP per​ capita, as calculated by the​ BEA, to measure increases in​ well-being? Is​ well-being overstated or​ understated?A.​Understated, because workers are working fewer hours and consuming more leisure.B.​Overstated, because the time required to engage in these activities could be used for some other activity.C.​Overstated, because workers are not being as productive as they could be.D.​Neither, since real GDP per capita cannot be used to indicate levels of​ well-being.

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The difference between the nominal interest rate and the real interest rate isA.the nominal interest rate is the stated interest rate whereas the real interest rate is the nominal interest rate plus the inflation rate.B.the nominal interest rate is the stated interest rate whereas the real interest rate is the nominal interest rate divided by the inflation rate.C.the nominal interest rate is the stated interest rate whereas the real interest rate is the nominal interest rate minus the inflation rate.D.the real interest rate is the stated interest rate whereas the nominal interest rate is the real interest rate minus the inflation rate.

An article in the Economist states that​ "the appeal of GDP is that it​ offers, or seems​ to, a summary statistic of how well an economy is​ doing."​Source:​ "The Euro-Area​ Economy: Speeding​ Up," Economist​, May​ 6, 2017.In what sense does GDP offer a summary statistic of how well an economy is​ doing?A.GDP can measure happiness among citizens—that ​is, the more goods an economy​ produces, the happier its people are—thus indicating​ well-being.B.Since GDP accounts for​ crime, pollution, and other social​ problems, it can be used as a rough measure of​ well-being.C.Since GDP measures how much an economy produces during a period of​ time, it may also indicate​ well-being.D.GDP is able to provide a summary of the goods and services consumed by a typical​ person, thus indicating​ well-being.

Nominal incomes generally increase with inflation becauseA.when inflation is​ anticipated, real incomes also increase by the same percentage as inflation.B.when inflation is​ unanticipated, average nominal incomes also increase by the same percentage as inflation.C.when inflation is​ anticipated, average nominal incomes also increase by the same percentage as the rate of inflation.D.even anticipated inflation causes average nominal incomes to fall as prices increase.

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